Woman pleads no contest in Ponzi scheme
A woman has pleaded no contest for her role in a Ponzi scheme that bilked millions of dollars from senior citizen investors.
Michigan Attorney General Bill Schuette said 56-year-old Mary Faher of Stevensville, south of St. Joseph, made the plea to securities fraud at her arraignment Wednesday in Berrien County Trial Court.
A no-contest plea isn't an admission of guilt, but it is treated as guilt for sentencing.
Faher worked for The Diversified Group Advisory Fund and is accused of keeping about $240,000 in commission from $3 million in investor money.
Sentencing is scheduled for Sept. 22 in St. Joseph.
Shawn Dicken of Bay City was sentenced last month to up to 20 years in prison for her role in the scheme.
Joel Wilson owned the former investment company and also faces charges.